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Central Bank of the Republic of China (Taiwan)

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Central Bank of the Republic of China (Taiwan)
中央銀行
CBC headquarters; before moving there in the 1970s, the CBC's operations were scattered across various locations in Taipei
CBC headquarters; before moving there in the 1970s, the CBC's operations were scattered across various locations in Taipei
HeadquartersZhongzheng, Taipei
Established1924 (in Guangzhou)
1928 (in Shanghai)
1949 (in Taipei)
OwnershipExecutive Yuan of the Central Government of the ROC[1]
GovernorYang Chin-long
Central bank of Republic of China (Taiwan)
CurrencyNew Taiwan Dollar
TWD (ISO 4217)
Bank rate2.0% (13 June 2024)[2]
Succeeded byPeople's Bank of China (on the mainland)
Websitecbc.gov.tw (in English)
Central Bank
Traditional Chinese中央銀行
Simplified Chinese中央银行
Transcriptions
Standard Mandarin
Hanyu PinyinZhōngyāng Yínháng
Bopomofoㄓㄨㄥ ㄧㄤ ㄧㄣˊ ㄏㄤˊ
Gwoyeu RomatzyhJong'iang Ynharng
Wade–GilesChung¹-yang¹ In²-Hang²
Tongyong PinyinJhongyang Yínháng
MPS2Jūngyāng Yínháng
Hakka
Pha̍k-fa-sṳTûng-ông Ngiùn-hòng
Southern Min
Hokkien POJTiong-iang-gîn-hâng
Tiong-iong-gûn-hâng

The Central Bank of the Republic of China (Taiwan),[3][4] known from 1924 to 2007 as the Central Bank of China and still referred to under the acronym CBC,[5] is the central bank of the Republic of China.

Originally founded in 1924 in Guangzhou, the CBC was expelled from Mainland China by the Chinese Communist Revolution in 1949 and relocated to Taiwan.[6] It took over banknote issuance on the island from the Bank of Taiwan in 1961.

Its legal and common name in Chinese is literally translated as the "Central Bank". The central bank is administered under the Executive Yuan of the ROC government.[7]

History

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Mainland China (1924-1949)

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Central Bank of China headquarters between 1924 and 1927 in Guangzhou, Guangdong
Central Bank of China headquarters between 1928 and 1949 in Shanghai, former Russo-Chinese Bank Building on the Bund
Former branch of the Central Bank of China on West Jiaomin Lane in Beijing
A building on the former site of the (demolished) CBC building in Chongqing

The CBC was originally proposed in 1923 by Sun Yat-sen's Army and Navy Marshal stronghold of the Republic of China and was established in Guangzhou a year later, serving the Nationalist government from 1925. Following the success of the Northern Expedition, the CBC relocated to Shanghai and its head T. V. Soong negotiated a division of labor with the Bank of China in 1928 that refocused the latter on foreign-exchange operations.[8] It was subsequently one of China's "Big Four" national banks, along with the Bank of China, Bank of Communications, and Farmers Bank of China.[citation needed]

With the turmoil of the 1930s, the CBC lost jurisdiction over Northeast China to the Central Bank of Manchou in Changchun, then over parts of North China to the Mengjiang Bank [zh] in Zhangjiakou, over the territory of the Provisional Government of the ROC to the United Reserve Bank of China [zh] in Beijing, and eventually over the full territory run by the Wang Jingwei regime to the Central Reserve Bank of China [zh] in Nanjing. In 1937-1938 it relocated to Wuhan, then Chongqing together with the Nationalist government. In 1945, the CBC recovered its Shanghai head office and its nationwide role, but soon had to face the circumstances of the Chinese Civil War and moved together with the government back to Guangzhou, Chongqing, and Chengdu before completing the journey to Taiwan in late 1949. Its archives were lost in the wreckage of the Taiping, which severely undermined the resumption of its operations in Taiwan.

Taiwan (since 1949)

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While the CBC was the island’s central bank from 1949, the Bank of Taiwan, a commercial bank founded in 1897 during Japanese colonial rule, kept issuing banknotes until the CBC assumed that role in 1961. On 8 November 1979, the newly revised Central Bank of China Act was promulgated. The Bank of Taiwan issued the New Taiwan dollar until 2000 when the Central Bank of China finally took over the task.[citation needed] In 2007 the English name of the Central Bank of China was renamed the Central Bank of the Republic of China (Taiwan) along with a host of other renamings under the Chen Shui-bian administration of state-owned corporations with "China" in their name, such as the Chunghwa Post.

Organizational structure

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Entrance to the CBC Department of Banking
Entrance to the CBC Department of the Treasury
  • Department of Banking
  • Department of Issuing
  • Department of Foreign Exchange
  • Department of the Treasury
  • Department of Financial Inspection
  • Department of Economic Research
  • Secretariat
  • Department of Accounting
  • Department of Information Management
  • Personnel Office
  • Ethics Office
  • Legal Affairs Office
  • New York City Representative Office
  • London Representative Office

List of governors

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Name Term of office Days Cabinet
Governor of CBC (Guangzhou)
1 T. V. Soong (宋子文) 15 August 1924 February 1928
Governor of CBC
1 T. V. Soong (宋子文) February 1928 December 1931
February 1932 6 April 1933
2 H. H. Kung (孔祥熙) 6 April 1933 26 July 1945 4494
3 Yu Hung-chun (俞鴻鈞) 26 July 1945 6 February 1946 195
4 Tsuyee Pei (貝祖貽) 6 February 1946 28 February 1947 387
5 Chang Kia-ngau (張嘉璈) 1 March 1947 21 May 1948 447 Zhang Qun
6 Yu Hung-chun (俞鴻鈞) 21 May 1948 19 January 1949 243 Weng Wenhao
Sun Fo
7 Liu Kung-yun [zh] (劉攻芸) 19 January 1949 24 June 1949 156 Sun Fo
He Yingqin
Yan Xishan
8 Hsu Kan [zh] (徐堪) 24 June 1949 5 October 1949 1199 Yan Xishan
9 Yu Hung-chun (俞鴻鈞) 26 January 1950 1 June 1960[9] 3779 Yan Xishan
Chen Cheng I
Yu Hung-chun
Chen Cheng II
10 Hsu Po-yuan [zh] (徐柏園) 27 July 1960 29 April 1969 3198 Chen Cheng II
Yen Chia-kan
11 Yu Kuo-hwa (俞國華) 25 June 1969 30 May 1984 5453 Yen Chia-kan
Chiang Ching-kuo
Sun Yun-suan
Yu Kuo-hua
12 Chang Chi-cheng [zh] (張繼正) 21 June 1984 June 1989 Yu Kuo-hua
Lee Huan
13 Hsieh Sam-chung (謝森中) June 1989 May 1994 Lee Huan
Hau Pei-tsun
Lien Chan
14 Liang Kuo-shu (梁國樹) 1 June 1994 20 March 1995 Lien Chan
15 Sheu Yuan-dong (許遠東) 20 March 1995 16 February 1998[9] 1064 Lien Chan
Vincent Siew
16 Perng Fai-nan (彭淮南) 25 February 1998 26 February 2018[10] 7306 Vincent Siew
Tang Fei
Chang Chun-hsiung I
Yu Shyi-kun
Frank Hsieh
Su Tseng-chang I
Chang Chun-hsiung II
Liu Chao-shiuan
Wu Den-yih
Sean Chen
Jiang Yi-huah
Mao Chi-kuo
Chang San-cheng
Lin Chuan
William Lai
17 Yang Chin-long (楊金龍) 26 February 2018 Incumbent 2436 William Lai
Su Tseng-chang II
Chen Chien-jen

Access

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The headquarters building is accessible within walking distance northwest from Chiang Kai-shek Memorial Hall MRT station of the Taipei Metro.

See also

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References

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  1. ^ Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  2. ^ "Discount Rate". Central Bank of the Republic of China. Retrieved 2024-06-13.
  3. ^ Welcome to the Central Bank of the Republic of China
  4. ^ "Central bank latest to drop 'China' label". Taipei Times. 11 Feb 2007. p. 1.
  5. ^ Introduction to the Central Bank of the Republic of China Archived November 28, 2007, at the Wayback Machine (in English)
  6. ^ "Central Bank of China changes English name". The China Post. 2007-02-11. Retrieved 2007-02-12.
  7. ^ The Law of the Central Bank, 中央銀行法 Archived December 28, 2007, at the Wayback Machine (in Chinese) (Central Bank Law)
  8. ^ "An Important Turning Point for Bank of China - Restructured as an International Exchange Bank (1928)". Bank of China.
  9. ^ a b Died in office.
  10. ^ Longest-serving governor.
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